Date Posted: 2012-05-29 04:57:24
Site Posted: Myproperty.ph
Buying a condo unit is a big step and deserves careful consideration. Because making a mistake in real estate can be costly, you have to prepare yourself for it by thinking about all of the things that will affect your purchase initially and in the long run. Here are some things that you should consider if you plan on buying a condo.
Why are you buying a condo?
Are you planning to purchase a condo for sale as a residence or as a business decision? This is important because an end user and an investor may have different preferences when choosing a unit to buy. A person buying a condo to live in would consider things such as comfort and stability so that they can use the condo for a long time. On the other hand, investors see condo buying as a business, and would naturally want to buy a unit which would bring in more money in the future.
How are you doing financially?
It’s common knowledge that owning condos, or any real estate property for that matter, means spending more on just the actual price of the property. You have to consider what other costs you will need to pay for as the months and years pass, such as association fees and property taxes. This is why you have to look at your finances with foresight: is your source of income stable, and would you be able to pay your monthly amortizations for years? Would you have enough money for basic necessities and emergencies even after making your monthly payments?
When is the unit located?
Whether you are an investor or an end user, location will always be an important factor in choosing a condo. When you choose a complex, you have to check how near or far it is from essential places like business districts and transportation. You also have to find out the condition of the community in terms of safety; you wouldn’t want to live in a crime-ridden area, and neither would a tenant you want to rent your unit to.
What are the rules and regulations?
Finding out what you can and can’t do will help you choose which condo to purchase; if the condo association has rules against renovations or pet ownership, it would be better to find out sooner than later. In addition, getting to know the capabilities of the property management is essential, as they are the ones that make sure the amenities and common areas of the condominium are well-maintained. They also ensure proper implementation of rules and regulations so that issues are avoided.
Purchasing a condo is not something to be taken lightly; you have to prepare yourself when making such a big (and expensive) decision. Hiring a real estate agent can help you sort things out, but it’s imperative that you do your homework, too, especially if you’re the one who’ll be living there.
Jillian Cariola, Writer
(cover image by sanja gjenero)
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